A meticulously refurbished industrial property on Wai Yip Street in Kwun Tong, Hong Kong, has recently been listed for sale through an Expression of Interest (EOI) campaign. This announcement by CBRE, the exclusive agent for the sale, highlights a significant opportunity within the commercial real estate market. The building, which dates back to 1979, has undergone extensive modernizations in 2013 and 2016, making it a prime asset for potential investors or businesses looking for a modernized facility with redevelopment potential. The offering includes a substantial gross floor area, strategic location, and various enhanced features designed to attract a wide range of buyers.
This sale represents a notable event in the commercial property sector, offering a blend of established infrastructure with contemporary upgrades. The building's strategic positioning in Kwun Tong, a district known for its industrial and commercial dynamism, further enhances its appeal. With its vacant possession status and significant redevelopment potential, the property at 166 Wai Yip Street stands out as a versatile asset, capable of accommodating diverse business needs or future expansion projects in a competitive market.
Property Enhancements and Specifications
The industrial building at 166 Wai Yip Street has been substantially enhanced, featuring a contemporary glass exterior, an impressive entrance lobby, and upgraded interiors. These renovations, carried out in 2013 and 2016, have transformed the 1979-built structure into a modern facility suitable for today's business demands. The property includes three new lifts with convenient ground-floor access, improving operational efficiency and accessibility. Its design integrates both aesthetic appeal and practical functionality, making it a desirable location for various industrial or commercial ventures seeking premium amenities and a refreshed environment.
Boasting a gross floor area (GFA) of approximately 60,527 square feet, the building offers versatile spaces tailored for different operational requirements. The ground floor, with an impressive height of 5.35 meters, is ideal for loading activities or can be converted into a grand entrance area. The first floor, standing at 5.225 meters high, is currently configured as an air-conditioned warehouse, providing a climate-controlled environment for storage or specialized operations. The upper levels, from the second to the twelfth floor, feature standard floor plates ranging from 4,801 to 6,139 square feet, offering flexible layouts for offices, workshops, or light industrial uses. Furthermore, the property sits on a 6,420-square-foot site, presenting a considerable redevelopment opportunity to achieve a maximum plot-ratio GFA of approximately 77,040 square feet under a 12x redevelopment scenario, thus promising significant future value appreciation.
Strategic Location and Market Opportunity
Situated in Kwun Tong, a key industrial and commercial hub, the property at 166 Wai Yip Street benefits from its strategic location within a vibrant business ecosystem. This district is renowned for its excellent connectivity and accessibility, crucial factors for any industrial or commercial operation. The area's robust infrastructure and proximity to major transportation networks provide businesses with efficient logistics and easy access for employees and clients. Being offered with vacant possession, the building allows immediate occupancy or customization according to the buyer's specific needs, facilitating a smooth transition or rapid setup of operations.
The availability of this extensively renovated industrial building through an Expression of Interest exercise represents a notable investment opportunity in Hong Kong's dynamic commercial property market. The involvement of CBRE as the sole agent underscores the property's significance and the professional approach to its sale. Its combination of modern facilities, a substantial gross floor area, and the potential for future expansion through redevelopment makes it an attractive proposition for a diverse range of buyers, from manufacturing companies to logistics firms or even developers looking to capitalize on the area's growth. The sale is poised to draw considerable interest from both local and international investors seeking to establish or expand their presence in a strategically important region.